Opendoor Is Repurchasing 5% of Its Outstanding Shares. Here's What That Means for the Company.
The company is trying to mount a turnaround during a troubled time for the housing market.
Overview
A brutally frozen housing market has taken a toll on the stock prices of many different businesses. Homebuilders, makers of construction supplies, and real estate brokerages are all in the doldrums. One previously hot stock trying to turn things around amid this headwind is Opendoor Technologies (NASDAQ: OPEN).
The iBuying platform operator got a new CEO last year and recently announced it had taken out convertible debt to raise funds to repurchase 5% of its outstanding stock. Despite these headlines, its shares continue to fall due to the pain in the housing market and the business's inability to generate a profit.
Details
Here's what the transaction means for the company, and whether Opendoor stock looks like a good value right now.
Source
Originally published at www.fool.com.